Moelis & Company (NYSE:MC) Q1 2022 Earnings Conference Call April 27, 2022 5:00 PM ET

Company Participants

Chett Mandel – Head-Investor Relations

Joe Simon – Chief Financial Officer

Ken Moelis – Chairman and Chief Executive Officer

Conference Call Participants

Brennan Hawken – UBS

Ken Worthington – J.P. Morgan

Devin Ryan – JMP Securities

James Yaro – Goldman Sachs

Jim Mitchell – Seaport Global

Manan Gosalia – Morgan Stanley

Michael Brown – KBW

Operator

Good afternoon, and welcome to the Moelis & Company Earnings Conference Call for the First Quarter of 2021.

To begin, I'll turn the call over to Mr. Chett Mandel, Head of Investor Relations.

Chett Mandel

Good afternoon. And thank you for joining us for Moelis & Company's first quarter 2022 financial results conference call. On the phone today are Ken Moelis, Chairman and CEO; and Joe Simon, Chief Financial Officer.

Before we begin, I would like to note that the remarks made on this call may contain certain forward-looking statements, which are subject to various risks and uncertainties, including those identified from time-to-time in the Risk Factors section of Moelis & Company's filings with the SEC. Actual results could differ materially from those currently anticipated. The firm undertakes no obligation to update any forward-looking statements.

Our comments today include references to certain adjusted financial measures. We believe these measures, when presented together with comparable GAAP measures, are useful to investors to compare our results across several periods and to better understand our operating results. The reconciliation of these adjusted financial measures with the relevant GAAP financial information and other information required by Reg G is provided in the firm's earnings release, which can be found on our Investor Relations website at investors.moelis.com.

As many of you know, this is my last earnings call with Moelis. Mat Tsukroff will be my replacement and you should contact him if you have any questions.

And with that, I'll turn the call over to Joe.

Joe Simon

Thanks, Chett. Good afternoon, everyone. On today's call I'll go through our financial results and then Ken will comment further on the business.

We achieved adjusted revenues of $298 million in the first quarter, representing an increase of 13% over the prior year period and our largest first quarter of revenues ever. The increase in revenues was primarily attributed to growth in our M&A activity and higher average fees earned on our completed transactions.